Hydro has entered into a binding agreement to sell its special alloy aluminium casthouse in Hannover to IQ Industrial Holding S.à r.l. (Luxembourg), a private industrial holding group with operations across Europe.
The Hannover casthouse is focused on special aluminium alloys, mainly hard alloys for the aerospace industry. Through the agreement, IQ Industrial Holding will acquire 100 percent of the shares in Hydro Giesserei Hannover GmbH.
The Hannover casthouse was taken over by Hydro through the acquisition of VAW aluminium AG in 2002 and is considered non-core business. The casthouse supplies its hard alloy products mainly to a customer located wall-to-wall.
The Hannover casthouse has around 30 employees and produced approximately 12,000 tonnes of aluminium products in 2013.
The transaction is expected to close during the second quarter of 2014.